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    Jeff Cantwell • Seaport Research Partners

    Jeff Cantwell's questions to Circle Internet Group, Inc. (CRCL) leadership

    Jeff Cantwell's questions to Circle Internet Group, Inc. (CRCL) leadership • Q2 2025

    Question

    Jeff Cantwell of Seaport Research Partners asked for more color on the recent surge in USDC circulation post-Genus Act, questioning its geographic source and how the company expects to achieve its guided 40% CAGR. He also requested a breakdown of the $5.9 trillion in Q2 on-chain transaction volume by use case and geography.

    Answer

    CEO Jeremy Allaire attributed recent growth to a 'green light go' signal in the global market but deferred to CFO Jeremy Fox-Geen on the growth outlook. Fox-Geen explained the 40% CAGR is a conservative core model, below the 60% median of third-party forecasts. Regarding transaction volume, Allaire stated it's highly distributed globally, with significant activity in Europe, Asia, and emerging markets. Fox-Geen added that on-chain volume is a general-purpose architecture amalgamating all money movement use cases, from consumer payments to institutional settlement.

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    Jeff Cantwell's questions to ACI Worldwide Inc (ACIW) leadership

    Jeff Cantwell's questions to ACI Worldwide Inc (ACIW) leadership • Q2 2025

    Question

    Jeff Cantwell from Seaport Research Partners asked for details on the unit economics of a stablecoin transaction processed by ACI compared to other payment methods. He also requested a breakdown of the key factors behind the Q3 adjusted EBITDA guidance and what would drive results to the high or low end of the range.

    Answer

    CEO Thomas Warsop explained that unit economics depend on volume; currently, a lower-volume real-time payment for a stablecoin would generate significantly more revenue than a high-volume debit transaction. CFO Robert Leibrock detailed that the Q3 EBITDA guidance reflects a sequential increase in higher-margin Payment Software revenue. The range accounts for the timing uncertainty of closing new high-margin license deals, with a favorable mix of these new signings driving results toward the high end.

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    Jeff Cantwell's questions to Dave Inc (DAVE) leadership

    Jeff Cantwell's questions to Dave Inc (DAVE) leadership • Q2 2025

    Question

    Jeff Cantwell questioned the drivers behind the raised full-year revenue guidance, sought clarity on the potential P&L impact from data aggregator fees, and asked about the company's high-level M&A strategy.

    Answer

    CEO Jason Wilk attributed the optimistic guidance to strong new member acquisition, efficient marketing paybacks now at four months, and improved Extra Cash monetization. On data fees, Wilk expressed confidence that prices may not increase due to regulatory pushback and that Dave's scale and pricing power would mitigate any impact. Regarding M&A, he stated the company focuses on opportunities that either expand customer distribution or are accretive to ARPU through new products.

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    Jeff Cantwell's questions to Flywire Corp (FLYW) leadership

    Jeff Cantwell's questions to Flywire Corp (FLYW) leadership • Q2 2025

    Question

    Jeff Cantwell asked for an overall assessment of the education business, wondering if the worst of the headwinds had passed. He also inquired about the execution potential in newer international markets and the incremental impact of the U.S. domestic land-and-expand strategy.

    Answer

    CFO Cosmin Pitigoi noted that Q3 is expected to be the growth low point for the year, with an acceleration into Q4. President & COO Rob Orgel emphasized Flywire's effectiveness in new international markets, where revenue is growing well above the company average. He also explained the U.S. land-and-expand strategy is highly accretive, adding multiple revenue streams, with significant runway as the SFS attach rate is still only around 10%.

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    Jeff Cantwell's questions to Shift4 Payments Inc (FOUR) leadership

    Jeff Cantwell's questions to Shift4 Payments Inc (FOUR) leadership • Q1 2025

    Question

    Jeff Cantwell of Seaport Research Partners asked about the drivers behind the full-year guidance raise by vertical and for an updated view on the puts and takes for the Global Blue acquisition.

    Answer

    Taylor Lauber, President and incoming CEO, stated the guidance raise reflects confidence in international growth and the business's resilience, noting that a slowdown in international travel often boosts domestic travel, a net neutral or positive for Shift4. On Global Blue, he highlighted the cultural alignment and the business's proven ability to perform well through economic shocks by focusing on controllable factors like product experience.

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